The ERC20 token stable coin that is governed by the Maker DAO project, the Maker token is the coin used for governance of the stable price of DAI against the dollar. 1 DAI is supposed to be worth $1 without the backing of actual dollars. Backing is achieved with the staking of Ethereum in smart contracts through a complicated process that involves some kind of arbitrage. Very successful project as a whole in the Ethereum eco-system that deserves a lot of credits. Large trading volumes and the DAI has been surprisingly successful in keeping a relatively stable value near $1, even when the bear market battle tested the token, while the value of Ether was dropping. I have no doubt this project is totally legit and brings very valuable results from their experimentations in real life decentralized finance.